News

UAE Starts Relying On Emirates ID As Proof Of Residency

Both citizens and residents can look forward to a number of benefits, including easier access to government services, less time spent at airports, and more.

Published

2 years ago

April 19, 2022

David Morelo

uae starts relying on emirates id as proof of residency

UAE ICP

From April 11, the United Arab Emirates (UAE) has started relying on Emirates ID as proof of residency, suspending the issuance of residence visa stamps.

Emirates ID is a smart identity card issued by Federal Authority for Identity and Citizenship. All UAE citizens and residents must apply for it by filling the eForm at one of the authorized typing centers or through the online form available on website of Federal Authority for Identity and Citizenship (FAIC).

Each Emirates ID has an electronic chip that can store up to 32,000 letters of information. The stored information can be encrypted in order to protect the privacy of card holders and prevent unauthorized third-parties from stealing it for malicious purposes.

By switching to a modern smart identity card, the UAE is taking yet another step on its smart-city journey. Both citizens and residents can look forward to a number of benefits, including easier access to government services, less time spent at airports, and more.

Those who have registered for smart gates at airports in the UAE can pass through them by simply looking at the green light on top of the camera to verify the biometric information contained within the Emirates ID chip.

Also Read: How To Change The Mobile Number On Your Emirates ID

The replacement of residence vista stamps by Emirates ID has been made possible by the last update of the advanced card, which was introduced in August 2021 by the Federal Authority for Identity and Citizenship (ICA).

The update added several new features, including a laser-printed 3D picture, additional fields and codes definition, advanced technical characteristics, and increased data protection. The latest generation of Emirates ID cards is made using polycarbonate that should last more than 10 years and survive countless washing machine accidents and other horrors that cards typically go through.

News

Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

Published

41 mins ago

April 19, 2024

Nour Nasir

binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.